Most banks operating in the country offer special promotions in connection with the month of Ramadan. Among them is a payment deferral for personal loans for qualified clients, the possibility of receiving cashback up to 10% when using credit cards for purchases in designated stores, reduced interest rates on personal loans, auto loans, and mortgages, as well as chances to win cash prizes and a car, discounts on the purchase of electronics.
Some banks have reduced the interest rate on personal loans to 2.49% for citizens and 2.99% for foreigners. The interest rate on auto loans starts from 1.89%, with the possibility of deferring the first payment for up to 120 days (four months), and the interest rate is reduced to 0.99% for luxury vehicles.
Some of these banks offer a special promotion for electronic savings accounts, where you can earn up to 5% income, increasing the average balance in the savings account to 50,000 dirhams, the minimum amount for the promotional period extends to the end of the current month, and various bank promotions will be available until March 31.
The banking expert, Awaataf al-Harmoudi, noted that most banks offer diverse promotions on their products during the month of Ramadan. She emphasized that the sector of physical entities in banks constitutes a significant share and is a key element of any marketing campaign across all products, whether consumer loans, auto loans, credit cards, or mortgage lending.
In turn, banking expert Mustafa Ahmed noted that banks offer promotions for qualified clients, transparent credit history of each client helps with this, and also the knowledge deserving of special conditions. She added that many clients are waiting for seasonal bank promotions, especially in the month of Ramadan, to buy a new car, obtain financing, purchase electronics or furniture, and all these purchases can be paid in installments without interest.
